Salesforce Inc. $CRM Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its holdings in Salesforce Inc. by 4.0% during the first quarter, now owning approximately 0.4% of its investment portfolio, valued at $66.6 million.
• Salesforce reported an earnings per share (EPS) of $2.58 for the last quarter, exceeding analysts' expectations, with a revenue of $9.83 billion.
• Several institutional investors have recently increased their positions in Salesforce, with approximately 80.43% of the stock owned by hedge funds and other institutional investors.

Corebridge Financial Inc. reduced its position in Salesforce Inc. (NYSE:CRM - Free Report) by 4.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 248,198 shares of the CRM provider's stock after selling 10,369 shares during the period. Salesforce accounts for about 0.4% of Corebridge Financial Inc.'s investment portfolio, making the stock its 29th biggest position. Corebridge Financial Inc.'s holdings in Salesforce were worth $66,606,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Bernard Wealth Management Corp. purchased a new stake in shares of Salesforce in the fourth quarter worth about $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce during the fourth quarter valued at approximately $27,000. Capital A Wealth Management LLC raised its position in Salesforce by 450.0% during the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock valued at $30,000 after purchasing an additional 90 shares during the period. CBIZ Investment Advisory Services LLC raised its position in Salesforce by 314.8% during the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after purchasing an additional 85 shares during the period. Finally, Abound Financial LLC purchased a new stake in Salesforce during the first quarter valued at approximately $31,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $247.57, for a total transaction of $557,032.50. Following the sale, the chief executive officer owned 11,911,571 shares of the company's stock, valued at approximately $2,948,947,632.47. The trade was a 0.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 57,077 shares of company stock worth $14,642,478. 3.00% of the stock is currently owned by insiders.

Salesforce Stock Up 2.5%

NYSE CRM traded up $6.17 during midday trading on Wednesday, hitting $249.91. 6,497,774 shares of the company traded hands, compared to its average volume of 8,058,211. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $238.92 billion, a PE ratio of 39.11, a price-to-earnings-growth ratio of 2.21 and a beta of 1.37. The company's 50-day simple moving average is $257.69 and its 200-day simple moving average is $270.78. Salesforce Inc. has a 52 week low of $226.48 and a 52 week high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.03. The business had revenue of $9.83 billion for the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%.The business's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.44 EPS. As a group, equities research analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were given a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's payout ratio is currently 25.98%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CRM shares. Piper Sandler upped their price objective on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a research report on Wednesday, May 28th. The Goldman Sachs Group increased their price target on Salesforce from $340.00 to $385.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Bank of America reduced their price target on Salesforce from $350.00 to $325.00 and set a "buy" rating on the stock in a report on Tuesday. UBS Group reduced their price target on Salesforce from $300.00 to $260.00 and set a "neutral" rating on the stock in a report on Monday, August 18th. Finally, Barclays reduced their price objective on Salesforce from $347.00 to $316.00 and set an "overweight" rating on the stock in a report on Monday, August 18th. Four analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $340.54.

Salesforce Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.